As the third and final installment of our series on managing fixed assets for sponsored projects, we will look at investment assets, such as endowments, retirement funds, cash reserves or board-designated funds, and others. Like other fixed assets, there is a potential tension between the long-term management needs of fixed assets and the (often) short-term fiscal sponsorship relationship. Additionally, both projects and sponsors need to build the knowledge and capacity needed to manage such assets effectively and in compliance with the law.